Cardano is making more headlines as it scores points in getting allies in Africa. So far, Africa has been largely untouched by most blockchain-based tech companies, but Cardano seems to have identified quite an opportunity in the continent. The news was broken by IOHK CEO, Charles Hoskinson, in a short YouTube video.
According to Hoskinson, Cardano is working with various African governments to develop digital entities that will open the gates for millions of people to benefit from the expanding Cardano ecosystem.
Forming New Markets
Going on, Charles opines that this move will greatly contribute to helping millions of Africans that have had no prior access to digital resources and services in setting up with these long-awaited growth opportunities. These benefits will include the creation of digital identities that can be linked to rich metadata, digital wallets, and payment systems.
Granted, this is likely to result in the emergence of a new larger market based out of the digital age. Charles estimated the new market in Africa to total around $5 trillion, something that makes this a high priority for the Cardano ecosystem as a whole.
Africa is Not Poor
Charles Hoskinson doesn’t believe that Africa is a poor continent as mostly portrayed on the global stage. According to him, it’s the lack of proper resource utilization that has stunted its growth.
With a new, more advanced system, the African economy will get the chance to prevent bad decisions and curb mismanagement. This way, the real wealth in Africa can be accessible to all since there will be more accountability.
Lessons From China
In Charles’ opinion, Africa’s current economic status is a parallel to China’s a few decades ago when most people on Wall Street thought of China as a poor country.
Once China put in place measures to facilitate smooth wealth utilization, the country’s economy sprung out and has achieved steady growth for decades. China is now one of the largest economies in the world.